SILANG FOOD COOPERATIVE

Schedule of Capital Contributions from Members

Estimated capitalization requirement (schedule 1) 490,230.97

Estimated number of coop members 100.00
Estimated capital contribution per member 4,902.31

Interest expense
Estimated member's contribution 490,230.97
Interest expense 1%
Interest expense on members contribution per month 4,902.31
Multiply number of months in a year 12.00
Annual interest expense 58,827.72

SILANG FOOD COOPERATIVE

CAPITALIZATION REQUIREMENTS
Schedule 1

Lease/Rent for three months 60,000.00 180,000.00

Leasehold improvements 50000 50,000.00
Furnitures, Fixtures and Office Equipment

Office chairs 15 250.00 3,750.00

Office table 3 1,000.00 3,000.00
Electric Fan 3 750.00 2,250.00
Calculators 2 500.00 1,000.00
Filling cabinet 2 1,500.00 3,000.00
Trash can 3 120.00 360.00
Telephone 2 1,000.00 2,000.00 15,360.00

Factory equipment

Heat Gun 1 2,000.00 2,000.00

Kawa 2 1,300.00 2,600.00
 Knife (small) 2 100.00 200.00
Knife (big) 1 200.00 200.00
Panglukad 1 200.00 20.00
Spoon 5 150.00 750.00
Laundry Bath 2 150.00 300.00
Aluminum Container 3 800.00 2,400.00
Grinder 1 1,200.00 1,200.00
Tray 10 50.00 500.00 10,170.00

Delivery vehicle
Tricycle 1 46,000.00 46,000.00 46,000.00

Total Fixed Assets 301,530.00

Supplies 4,655.00
Inventory Purchases 21,270.97
Operating Expenses 33,775.00
Salary for two months 129,000.00
Total Investment 490,230.97
 SILANG FOOD COOPERATIVE
INCOME STATEMENTS
FOR THE YEARS ENDED DECEMBER 31

2009 2010 2011 2012 2013

SALES 5,153,804 8,184,565
### 9,821,478
### 11,785,774
### 14,142,928
LESS: COST OF SALES 2,359,628 3,356,154
### 4,027,385
### 4,832,862
### 5,799,434
GROSS PROFIT 2,794,176
### 4,828,411
### 5,794,093
### 6,952,912
### 8,343,495

LESS: OPERATING EXPENSES

General Assembly 40,000 48,000
### 57,600
### 69,120
### 82,944
Interest expense on member's contribution 58,828 58,828
### 58,828
### 58,828
### 58,828
Salaries and employee benefits (schedule A) 824,960 866,208 909,519
### 954,995
### 1,002,745
Depreciation Expense (schedule C) 6,405 6,405
### 6,405
### 6,405
### 6,405
Delivery Expense (schedule D) 16,800 17,640 18,522
### 19,448
### 20,421
Utilities Expense (schedule E) 74,400 78,120 82,026
### 86,127
### 90,434
Office Supplies (schedule F) 3,259 3,421 3,592
### 3,772
### 3,961
Advertising (Schedule G) 4,500 4,725 4,961
### 5,209
### 5,470
Taxes and Licenses (Schedule H) 4,000 4,200 4,410
### 4,631
### 4,862
Repairs and Maintainance Expense 2,300 2,415 2,536
### 2,663
### 2,796
Other expense (schedule J) 10,720
### 11,256
### 11,819
### 12,410
### 13,030
1,046,172
### 1,101,219
### 1,160,218
### 1,223,607
### 1,291,894
NET SURPLUS 1,748,004
### 3,727,192
### 4,633,875
### 5,729,305
### 7,051,600

INTEREST INCOME 20,000 60,000 80,000 80,000 80,000

TOTAL NET SURPLUS 1,768,004

### 3,787,192
### 4,713,875
### 5,809,305
### 7,131,600

ALLOCATION OF NET SURPLUS

General reserve fund 176,800
### 378,719
### 471,388
### 580,930
### 713,160
###
COOP education and training fund 53,040
### 113,616
### 141,416
### 174,279
### 213,948
###
Optional fund 159,120
### 340,847
### 424,249
### 522,837
### 641,844
###
Distributable net surplus 1,379,043
### 2,954,010
### 3,676,823
### 4,531,258
### 5,562,648
###
1,768,004
### 3,787,192
### 4,713,875 5,809,305 7,131,600
 SILANG FOOD COOPERATIVE
BALANCE SHEETS
DECEMBER 31

2009 2010 2011 2012 2013

ASSETS
Current Assets
Cash & Cash Equivalents (Annex A) 1,048,897 2,881,695 3,582,642 4,405,328 5,398,704
Inventory (annex B) 255,252 280,777
### 308,855
### 339,740
### 373,714
Office Supplies (schd F) 1,397 1,536
### 1,690
### 1,859
### 2,045
1,305,545
### 3,164,008
### 3,893,186
### 4,746,927
### 5,774,463
Non - Current Assets
Property, Plant, & Equipment 75,710 75,710
### 75,710
### 75,710
### 75,710
less: Accumulated Depreciation 9,855 30,649
### 51,443
### 72,237
### 93,031
65,855
### 45,061
### 24,267
### 3,473
### (17,321)
TOTAL ASSETS 1,371,400
### 3,209,069
### 3,917,453
### 4,750,399
### 5,757,141

LIABILITIES
Dividends and patronage payable 1,379,043 2,954,010 3,676,823 4,531,258 5,562,648
Other Accrued Liabilities 6,200 6,820
### 7,502
### 8,252
### 9,077
1,385,243
### 2,960,830
### 3,684,325
### 4,539,510
### 5,571,726

Members' Equity
Capital contribution 490,231 490,231
### 490,231
### 490,231 490,231

Statutory funds
General reserve funds 176,800
### 378,719
### 471,388
### 580,930
### 713,160
Optional fund 159,120
### 340,847
### 424,249
### 522,837
### 641,844
Coop Education & Training Fund 53,040
### 113,616
### 141,416
### 174,279
### 213,948
879,192
### 1,323,413
### 1,527,284
### 1,768,278
### 2,059,183
TOTAL LIABILITIES AND MEMBERS' EQUITY 2,264,435
### 4,284,243
### 5,211,608
### 6,307,788
### 7,630,909

(893,035)
### -1,075,175
### -1,294,155
### (1,557,388)
### (1,873,768)
 SILANG FOOD COOPERATIVE
STATEMENTS OF CASH FLOWS
DECEMBER 31

2009 2010 2011

Net Income (Loss) P1,768,004
### P3,787,192
### P4,713,875
###
Add (deduct) adjustments to reconcile
net income to operating activities
Increase (decrease) in
Depreciation expense 9,855 9,855
### 9,855
###
Inventory (255,252)
### (25,525) (28,078)
Supplies (1,397)
### (141) (154)
Other Accrued Liabilities 6,200
### 620 682
Dividend and patronage payable 1,379,043
### 1,574,967
### 722,813
###
Net cash provided by operating activities 2,906,454
### 5,346,969
### 5,418,994
###

INVESTING ACTIVITIES
Acquisition of Property plant and equipment (75,710)
### 0 0

FINANCING ACTIVITIES
Members contribution 490,231
### 0 ###
0
Reserve for dividend patronage payable (1,379,043) (2,255,756) (3,207,453)
Net cash providedby (used in) financing activities (888,812)
### (2,255,756)
### (3,207,453)
###
Net increase in cash and cash equivalents 1,941,932
### 3,091,213
### 2,211,541
###
Add: Beginning Balance 0 1,941,932 5,033,145
###
Cash and cash equivalents balance end P1,941,932 P5,033,145
### P7,244,686
###

1,048,897 2,881,695 3,582,642

P893,035
### P2,151,450
### P3,662,044
###
 2012 2013
P5,809,305 P7,131,600

9,855 9,855
(30,885) (33,974)
(169) (186)
750 825
854,435 1,031,391
6,643,291 8,139,512

0 0

0 0
(4,007,354) (4,969,651)
(4,007,354) (4,969,651)
2,635,937 3,169,861
7,244,686 9,880,623
P9,880,623 P13,050,483

4,405,328 5,398,704

P5,475,295 P7,651,779
 SILANG FOOD COOPERATIVE
NET SURPLUS ALLOCATION
DECEMBER 31
2009 2010 2011
General Reserve Fund
Net surplus for allocation 1,768,004 3,787,192 4,713,875
General Reserve Fund ( 10% of net surplus) 10% 10% 10%
176,800 378,719 471,388

COOP Education and Training fund

Net surplus for allocation 1,768,004 3,787,192 4,713,875
CETF ( 3% of net surplus) 3% 3% 3%
53,040 113,616 141,416

Optional Fund
Net surplus for allocation 1,768,004 3,787,192 4,713,875
Optionsl fund ( 9% of the net surplus) 9% 9% 9%
159,120 340,847 424,249

Amount available for interest on share capital

and patronage refund ( net surplus X 78%) 1,768,004 3,787,192 4,713,875
0.78 0.78 0.78
1,379,043 2,954,010 3,676,823
2012 2013

5,809,305 7,131,600
10% 10%
580,930 713,160

5,809,305 7,131,600
3% 3%
174,279 213,948

5,809,305 7,131,600
9% 9%
522,837 641,844

5,809,305 7,131,600
0.78 0.78
4,531,258 5,562,648
 SILANG FOOD COOPERATIVE
SCHEDULE OF CASH AND CASH EQUIVALENT
DECEMBER 31
Annex A
2009 2010 2011 2012 2013

CASH ON HAND 548,897 1,381,695 1,582,642 2,405,328 3,398,704

CASH IN BANK (TIME DEPOSIT)-UNRESTRICTED 500,000 1,500,000 2,000,000 2,000,000 2,000,000
CASH AND CASH EQUIVALENTS 1,048,897 2,881,695 3,582,642 4,405,328 5,398,704

SCHEDULE OF INTEREST INCOME 500,000 1,500,000 2,000,000 2,000,000 2,000,000

Annual bank interest 5% 5% 5% 5% 5%
Interest income 25,000 75,000 100,000 100,000 100,000
Less:Final tax of 20% 5,000 15,000 20,000 20,000 20,000
20,000 60,000 80,000 80,000 80,000
SILANG FOOD COOPERATIVE
Sales forecast and selling price computations

Sales forecast

Estimated demand for one month 3,600.00

Selling price (Schedule A) 119.30
Sales forecast for one month 429,483.69
Number of selling months for the first year 12.00
Estimated sales for the first year of operations 5,153,804.23

Schedule A

Selling Price Computation

Product costing per 100 ml 54.62
100% mark up on cost 64.68
Selling Price 119.30

Cost of sales
Number of units estimated to be sold 43,200.00
Multiply by product cost per unit 54.62
2,359,628.23
 SILANG FOOD COOPERATIVE
SCHEDULE OF PROPERTY AND EQUIPMENT

Schedule C
Total
PARTICULARS Qty Acquisition Cost Cost Useful Life

FACTORY EQUIPMENT
Heat Gun 1 2,000.00 2,000.00 3
Kawa 2 1,300.00 2,600.00 3
Knife (small) 2 100.00 200.00 3
Knife (big) 1 200.00 200.00 3
Panglukad 1 200.00 200.00 3
Spoon 5 150.00 750.00 3
Laundry Bath 2 150.00 300.00 3
Aluminum Container 3 800.00 2,400.00 3
Grinder 1 1,200.00 1,200.00 3
Tray 10 50.00 500.00 3
10,350

OFFICE EQUIPMENT

Office chairs 15 250.00 3,750 5

Office table 3 1,000.00 3,000 5
Electric Fan 3 750.00 2,250 5
Calculators 2 500.00 1,000 5
Filling cabinet 2 1,500.00 3,000 5
Trash can 3 120.00 360 5
Telephone 2 1,000.00 2,000 5
15,360

Leasehold improvements 50,000 50,000 15

TOTAL 75,710

Depreciation presented as product cost

Depreciation presented as operating expenses
Total
Annual
Depreciation

667
867
67
67
67
250
100
800
400
167
3,450

750
600
450
200
600
72
400
3,072

3,333

9,855

3,450
6,405
9,855
THE
SILANG
TROPICAL
FOODCOOPERATIVE
COOPERATIVE
SCHEDULE OF SALARIES AND EMPLOYEE BENEFITS

JOB TITLE MONTHLY # OF Total

SALARY MANPOWER Annual Salary

General Manger 15,000.00 1 180,000.00

Fiancial Manager 12,000.00 1 144,000.00
Cashier 8,000.00 1 96,000.00
Sales Manager 12,000.00 1 144,000.00
Maintenance 4,500.00 1 54,000.00
Production Supervisor 8,000.00 1 96,000.00
Production Worker 5,000.00 4 240,000.00

64,500.00 48 954,000.00

Salaries presented as part of operating expenses 618,000.00

Salaries presented as part of product cost 336,000.00
TOTAL 954,000.00

Employee benefits and 13th month pay

SSS 106,760.40
Pag-ibig 12,000.00
Philhealth 23,700.00
13th month pay 64,500.00
TOTAL 206,960.40

Salaries and employee benefits

Salaries 618,000.00
Employee benefits 206,960.40
TOTAL 824,960.40
 SSS Pag ibig Philhealth
Employer share Total Employer share Total Employer share Total
per employee per employee per employee

920.00 11,040.00 100.00 1,200.00 250.00 3,000.00

920.00 11,040.00 100.00 1,200.00 250.00 3,000.00
920.00 11,040.00 100.00 1,200.00 225.00 2,700.00
920.00 11,040.00 100.00 1,200.00 187.50 2,250.00
616.70 7,400.40 100.00 1,200.00 125.00 1,500.00
920.00 11,040.00 100.00 1,200.00 187.50 2,250.00
920.00 44,160.00 100.00 4,800.00 187.50 9,000.00
87.50 0.00
6,136.70
### 106,760.40
### 700.00
### 12,000.00
### 1,500.00
### 23,700.00
SILANG FOOD COOPERATIVE
SCHEDULE OF EXPENSES

Schedule D Delivery Expense

Transpo expense per delivery 350
Number of deliveries per month 4
Gasoline expense per month 1,400
12
Annual gasoline expense 16,800

Schedule E Utilities Expense

Telephone 1,500
Water 700
Electricity 4,000
Monthly cost 6,200
12
Annual utilities expense 74,400

Schedule F Office Supplies

Ballpen 200
Bond paper 600
computer ink 2,800
envelope 180
folder 300
paper clip 80
pencil 85
puncher 160
stapler 150
stapler wire 100

4,655

Allocation
Expense estimated to be 70% of the total cost 3,259 presented as expense (income statement)
Asset portion estimated to be 30% of the total cost 1,397 presented as asset (balance sheet)
4,655

Schedule G Advertising and Promotions

Units Unit Cost Total cost

Flyers 5000 0.5 2,500
Tarpaulin 4 500 2,000
4,500

Schedule H Taxes and Licenses

 Annual registration fee 500
Business permit 3,000
Others 500
4,000

Schedule I Repairs and Maintenance

Total cost of office equipment and vehicle 46,000
Estimated repair cost annually 5%
2,300

Schedule J Other Expense

Unit Price # of Pieces
Uniform 350 4 7,000
Other factory supplies
Hairnet 35 48 1,680
gloves 35 48 1,680
apron 45 8 360
10,720
se (income statement)
balance sheet)
SILANG FOOD COOPERATIVE
SCHEDULE OF INVENTORY

AnnexB
Inventory
Finished goods (Schedule 1) 196,636
Raw materials (Schedule 2) 45,800
Packaging materials (Schedule 3) 12,816
Total inventory 255,252

Schedule 1
Finished goods
One month estimated sales 3,600
Product cost per 750ml 54.6210
Inventory cost at end of year 196,636

Schedule 2
Raw materials

Macapuno P20/kilo @ 100 kilo 2,000.00

Jackfruit P80/kilo @ 1/4 kilo 400.00
Sugar P32/kilo @ 60 kilo 1,920.00
Sodium Benzoate 200.00
Food Coloring 60.00
Estimated cost per 120 bottles 4,580
Inventory buffer for two weeks (batches of production) 10
45,800

Schedule 3
Packaging Materials
Bottles 1,200 10 12,000.00
Plastic Seal 1,200 0.35 420.00
label 1,200 0.33 396.00
12,816
 SILANG FOOD COOPERATIVE
SCHEDULE OF ACCRUED LIABILITIES

Utilities expense for one month 6,200

 SILANG FOOD COOPERATIVE
PRODUCT COSTING

Direct Materials 41.2167

Direct labor 6.9444
Factory overhead 6.4599
Product cost per bottle 54.62

DIRECT MATERIALS

Total amount per

Qty. of ingredient Name of ingredient production
Macapuno P20/kilo @ 100 kilo 2,000.00###
Jackfruit P80/kilo @ 1/4 kilo 400.00###
Sugar P32/kilo @ 60 kilo 1,920.00###
Food Coloring 60.00###
Sodium Benzoate 200.00###
4,580.00
Divide by: Estimated Units per day 150.00
30.53
label 0.33###
Bottles 10.00###
Plastic Seal 0.35###
Direct material cost per bottle 41.22

LABOR
Direct Labor (monthly) 20000.00
Divide by: Number of Production days per month 24.00
Daily salary 833.33
Divide by: Estimated units/day 120.00
Direct Labor cost/bottle 6.94

FACTORY OVERHEAD
Depreciation (schedule 1) 0.0115
Electricity (schedule 2) 1.8056
Water allocation per month (schedule 4) 0.8889
Maintenance of factory equipment (schedule 5) 2.1667
Production supervisor salary (schedule 6) 1.5873
Total 6.4599
Schedule 1
Depreciation
Factory equipment (schedule c) 3,450.00
Divide by total production capacity 300,000.00
Allocated cost per bottle 0.0115

Schedule 2
Electricity
Electricity allocation per month 6,500.00
Multiply by 12 months in a year 12.00
Annual electricity cost 78,000.00
Divide by annual production (schedule 7) 43,200.00
Electricity cost allocation per bottle 1.8056

Schedule 4
Water allocation per month 3,200.00
Divide by estimated monthly production 3,600.00
Cost allocation per bottle 0.8889

Schedule 5
Maintenance of factory equipment
Estimated cost per month 7,800.00
Divide by estimated monthly production 3,600.00
Cost allocation per bottle 2.1667

Schedule 6
Production supervisor salary
Production supervisor 8,000.00
Divide by working days 24.00
Daily salary 333.33
Daily production 210.00
Cost allocation per bottle 1.59

Schedule 7
Annual production estimate
Daily production capacity 150.00
Number of working days 6.00
Estimated weekly production 900.00
Multiply by number of weeks in a month 4.00
Monthly production capacity 3,600.00
Multiply by number of months in a year 12.00
Annual production capacity 43,200.00